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MPCs, MPEs and Multipliers: A Trilemma for New Keynesian Models / Adrien Auclert, Bence Bardóczy, Matthew Rognlie.
- Format:
- Book
- Author/Creator:
- Auclert, Adrien.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w27486.
- NBER working paper series no. w27486
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 2020.
- Summary:
- We show that New Keynesian models with frictionless labor supply face a challenge: given standard parameters, they cannot simultaneously match plausible estimates of marginal propensities to consume (MPCs), marginal propensities to earn (MPEs), and fiscal multipliers. A HANK model with sticky wages provides a solution to this trilemma.
- Notes:
- Print version record
- July 2020.
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